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The recent Coin98 funding will help the company’s general presence in the DeFi sector, especially in the Asian financial markets.
Coin98 Labs has successfully raised $11.25M in a strategic funding round to expand the scope of its DeFi applications. The funding, which ended in late May, was led by Spartan Group and Hashed. The company is also launching the Coin98 Exchange to satisfy untapped demand in the DeFi space.
An official Coin98 report states that the outfit intends to build and develop an ecosystem of applications and protocols across multiple blockchains to improve the DeFi space and make it globally accessible. Coin98 had earlier launched its eponymous e-wallet, the Coin98 Wallet. The wallet is one of the first crypto cross-chain compatible wallets that introduced the blockchain dApps world to thousands of interested users.
According to the publication, the Coin98 Wallet soon became the most potent DeFi Gateway over time, enabling people to access several dApps across different blockchains. It provides mobile and browser extensions, support for multiple blockchains, and website availability to over 300,000 users in Southeast Asia.
Apart from Hashed and Spartan Group, which spearheaded the strategic funding round, several other players were involved. They include ParaFi Capital, IOSG Ventures, GBV Capital, Nascent, SNZ, Asymm Ventures, NGC Ventures, Vessel Capital, BTC12 Capital, Evernew Capital, AU21 Capital, Solidity Ventures, Everse Capital, Gate Labs, Shima Capital, Raptor Capital, Consensus Lab, Serum Stakers, Basics Capital, BTA Ventures, STC Capital, HC Ventures, Black Mamba Ventures, Spark Digital Capital, Kyros Ventures, Magnus Capital, K300 Ventures, Moonwhale Ventures, Origin Capital, Paribus Ventures and others.
The company also received support from CoinGecko, Ava Labs, Kyber Network, TomoChain, Near Protocol, Chromia, Injective Protocol, Impossible Finance, Frontier, BlockTempo, Cryptomind, Origin Protocol, DAO Maker, Muhabbit, to name a few.
Coin98 Funding, Timing, and What This Portends
Coin98 believes the exponential growth in demand for DeFi-enabled services is the motivating factor for the Coin98 Exchange. The company’s solution expects to holistically address the needs of DeFi users. The needs include staking, swapping, borrowing, lending, investing, and farming crypto with ease. Currently, token transfers across multiple networks is effortless due to its Space Gate (Cross-chain Bridge) feature. Coin98 promises to release even more features to enhance users’ DeFi experience in the future.
The numerous partnerships also bring a diversified outlook to the project. Coin98 hopes to use these alliances to introduce an added advantage for maximizing its multi-chain and cross-chain future. The company also sees the partnerships as strategic because they provide access to a wide range of resources. These resources are useful for accelerated global expansion and exponential growth.
The diverse support of backers will enable Coin98 to pursue its important objectives. These include team scaling, the establishment of substantial development resources and global presence expansion.
Hashed’s investment analyst, Joseph Young, believes that DeFi in Asia has lagged behind markets in Europe and the US However, in recent times, DeFi adoption has started to open up in Japan and South Korea. According to Young, the company hopes to take advantage of this growing adoption:
“Coin98 is at the forefront of mainstream DeFi adoption in Southeast Asia, and we believe the Coin98 team can lead the next wave of adoption, particularly in Asia.”
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